MARYKNOLL HIGH SCHOOL OF STO. TOMAS, INC.

8112 Sto.Tomas Davao del Norte

Telefax:084-829-1272
email: maryknoll.sto.tomas@gmail.com

FINANCE – ACCOUNTANCY AND BUSINESS MANAGEMENT

Name: ____________________________________ Grade/Section: ______________________

Date: _______________________ Score: ________

TEST I. Multiple Choice

INSTRUCTION: Read the following questions carefully and choose the letter that best describes the
answer, encircle the correct answer.

1. What branch of accounting is primarily concerned with the recognition, measurement and
communication of economic activities and focused on the needs of external users.
A. Financial accounting C. Government accounting
B. Tax accounting D. Management accounting
2. Branch of accounting that process of recording, analysing, classifying, summarizing,
communicating and interpreting financial information about the government.
A. Tax accounting C. Government accounting
B. Cost accounting D. Management accounting
3. Brach of accounting that provide timely and relevant information for those internal users of
accounting information, such as the managers and employees in their decision making needs.
A. Management accounting C. Government accounting
B. Cost accounting D. Auditing
4. A form of business is owned by one person; the simplest, and the most common form of
business organization.
A. Partnerships C. Cooperative
B. Corporation D. Sole/single proprietorship
5. A form of business owned by two or more persons. The details of the arrangement between the
partners are outlined in a written document called articles.
A. Sole/single proprietorship C. Cooperative
B. Corporation D. Partnerships
6. A type of business that organized as a separate legal entity under the corporation law with
ownership divided into transferable shares of stocks.
A. Sole/single proprietorship C. Cooperative
B. Partnerships D. Corporation
7. A form of business and duly registered association of persons with a common bond of interest,
voluntarily joining together to achieve their social, economic and cultural needs.
A. Sole/single proprietorship C. Cooperative
B. Partnerships D. Corporation
8. A type of business buy at wholesale and later sells the products at retail and also known as “buy
and sells”
A. Merchandising business C. Service business
B. Manufacturing business D. Auditing
9. A type of business offers professional skills, advice and consultations.
A. Merchandising business C. Auditing
B. Manufacturing business D. Service business
10. A type of business buys raw materials and uses them in making a new product.
A. Merchandising business C. Service business
B. Service business D. Manufacturing business
11. What branch of accounting helps clients follow rules set by tax authorities?
A. Tax accounting C. Government accounting
B. Cost accounting D. Management accounting
12. This branch of accounting refers to the recording, presentation, and analysis of manufacturing
costs.
A. Financial accounting C. Cost accounting
B. Tax accounting D. Management accounting
13. This branch of accounting deals with developing future accountants by creating relevant
accounting curriculum.
A. Tax accounting C. Accounting education
B. Accounting research D. Management accounting
 MARYKNOLL HIGH SCHOOL OF STO. TOMAS, INC.
8112 Sto.Tomas Davao del Norte
Telefax:084-829-1272
email: maryknoll.sto.tomas@gmail.com

14. This branch of accounting focuses on the search for new knowledge on the effects of economic
events in the process of summarizing, analysing, verifying, and reporting.
A. Financial accounting C. Accounting education
B. Tax accounting D. Accounting research
15. What is the accounting equation?
A. Assets= Liabilities + Owner’s equity C. Liabilities = Assets + Owner’s equity
B. Owners = Liabilities + Assets D. Assets= reliabilities + Owner’s equity
TEST II. IDENTIFICATION

INSTRUCTION: Write the correct answer given in the box. Letter only

_______16. It is a physical asset such as cash,

A. Current assets
supplies, and furniture and fixtures.
_______17. It is a non-physical asset such as B. Notes Receivable
patents and trademarks.
_______18. Money on hand, or banks, and C. Income
others items considered as medium of exchange D. Accounts Receivable
in business transaction.
E. Expenses
_______19. Is the increase of economic benefits
during the accounting period? F. Cash

_______20. Is the decrease in economic F. Tangible assets

benefits during the accounting period? G. Accounting
_______21. Are amounts due from clients H. Liabilities
supported by promissory notes?
I. Assets
_______22 . Are amounts due from customers
arising from credits sales or credit services? J. Intangible assets

_______23. The resources owned and

controlled by the firm.

_______24. Are obligations of the firm arising

from past events which are to be settled in the
future?

_______25. It is a process of identifying,

recording, and communicating economic events
of an organization to interested users.

TEST III IDENTIFICATION

INSTRUCTION: Identify what branch of accounting renders in the service , you need to identify the eight
branches of accounting.
_____________26. Preparation of general-purpose financial statements.
_____________27. Evaluation of the performance of a sales department.
_____________28. Developing standards to address a new business set up.
_____________29. Review tax compliance of the business.
_____________30. Report on the total cost of materials and labor used in the production
_____________31. Conducting lectures on accounting topics.
_____________32. Reports on the spending of government funds.
_____________33. Evaluate the whether a branch of the business complies with the collection and
deposit policy of the company.
 MARYKNOLL HIGH SCHOOL OF STO. TOMAS, INC.
8112 Sto.Tomas Davao del Norte
Telefax:084-829-1272
email: maryknoll.sto.tomas@gmail.com

_____________34. Review whether the financial statements are presented fairly and compliance with
accounting standards.
_____________35. Primarily concerned with the recognition, measurement and communication of
economic activities and focused on the needs of external users.

TEST IV ESSAY
36-40
What branch of accounting do you want to focus on and why?